Which of the following statements is true?
A) Normative statements depend on personal preferences.
B) Normative economic statements can be confirmed or disproven.
C) Positive economics recommends what people ought to do.
D) Positive economics deals with issues that are subjective.
A
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Economic models are often expressed in
A. equations. B. words. C. graphs. D. physical objects.
To determine the exchange rate necessary for the price of a good to be equal in two countries, ________
A) divide the higher price by the actual exchange rate B) use the actual exchange rate to convert the foreign price to its domestic-currency equivalent C) choose a good that is traded across borders D) divide the price in one currency by the price in the other currency
If a competitive firm is operating in short run equilibrium and then its fixed costs fall by 40 percent, it should: a. use more labor and less capital in current production. b. not change its output
c. increase its output. d. decrease its output.
Advocates of comparable worth favor eliminating all differences in wage rates among employees of the same firm
a. True b. False